Real Estate
Terms
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- ESCHEAT
- If a real property owner dies and leaves no heirs or devisees, the ownership of that property reverts ("Escheats") to the State after a Statutory period of time.
- Abandonment
- Voluntarily giving up a right or interest in real property without conveying those rights/interests to anyone else
- Abstract of Title
- An historical summary of the chain of title to a piece of property, including conveyances and encumbrances, back to the original grantor.
- Abstractor
- The person or firm that prepares an Abstract of Title.
- Abutting Land
- Parcels that join, reach or touch each other at a common point.
- Accelerated Depreciation
- A tax deduction whereby an investor could "write off" more depreciation than straight line would allow. Accelerated Depreciation was eliminated by the Tax Reform Act of 1986.
- Acceleration Clause
- (Call Provision) A loan contract clause that calls the entire principle and interest immediately due and payable upon default.
- Accession
- The legal process by which a real property owner acquires title to soil or fixtures added to his property.
- Accretion
- The physical process of the addition of soil to real property by act of water
- Acknowledgment:
- A formal declaration by a person signing a document that he is who he says he is. Acknowledgment, which is done before a notary or otherwise qualified person, is required for recording documents in Oregon and Washington.
- Acre
- 43,560 square feet of land.
- Activity Sheet
- A list maintained by a Broker that shows the date and time every property listed with that firm is advertised, shown, offers presented, etc.
- Actual Notice
- Hearing, being told or actually knowing that a situation exists.(opposite of Constructive Notice)
- Ad Valorem
- A Latin term used in property taxation meaning, tax according to value, true cash value or market value.
- Administrator
- A person named by a court to handle the estate of a deceased person when that person died without leaving a proper will.
- Advance Fee
- A fee charged by a Broker to pay for the cost of advertising a listed property. The fee is deducted from the commission if the property sells, but will not be refunded if the property does not sell.